Sears Holdings Sales Decline
[Thursday, August 16, 2012] Sears Holdings Corp. today reported a net loss from continuing operations attributable to Holdings' shareholders for the second quarter of $132 million ($1.25 loss per diluted share) and $152 million ($1.42 loss per diluted share), in 2012 and 2011, respectively.
Revenues decreased $671 million to $9.5 billion for the quarter ended July 28, 2012. The decline in revenue was primarily due to lower domestic comparable store sales for the quarter and the effect of having fewer Kmart and Sears Full-line stores in operation. Sears Canada's comparable store sales also decreased and included a decline of $55 million due to changes in foreign currency exchange rates.
Adjusted EBITDA increased $95 million for the quarter to $153 million in 2012 versus $58 million in 2011. Domestic EBITDA increased $114 million ($144 million in 2012 versus $30 million in 2011). Sears Canada's EBITDA declined $19 million ($9 million in 2012 versus $28 million in 2011).
Sears Domestic's comparable store sales declined 2.9% in the second quarter of 2012, Kmart's comparable store sales declined 4.7%, and Sears Canada's comparable store sales declined 7.1%.
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